So what to do with that extra cash? Buy more land, that’s what. Belle is seeking to acquire an additional 10-hectare lot in the Entertainment City zone from the state-owned Philippine Amusement and Gaming Corporation (PAGCOR) and other private owners. Belle deputy head Armin Antonio Raquel-Santos told Rappler that the company has already invested $700m into the project, but “we still need more land. We’ve committed to reach the $1b mark in investment.” While PAGCOR has yet to respond to Belle’s request, Raquel-Santos said he expects the additional property will be Belle’s within the next couple years.
Meanwhile, Melco Crown needs a way to pay its Belle landlord. Thankfully, its local subsidiary Melco Crown (Philippines) Resorts Corp. successfully pulled off a $377m share placement on Wednesday. UBS Philippines managing director Lauro Baja III told GMA News that despite the shares being priced at P14 – the top end of the expected price range – the offering was “six-times oversubscribed with 140 investors.” Seems those in the know are betting big on Entertainment City being a popular stop on the Asia-Pacific casino circuit.